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Nationwide (Columbus) has selected LexisNexis Risk Solutions (Atlanta) to provide a mobile app option for its SmartRide telematics program. The Nationwide program provides premium discounts for safe driving—members opting into the program save an average of 10 percent and can save as much as 40 percent after six months, without risk of penalty.
Under Nationwide’s existing telematics program, volunteer SmartRide participants install a device into their car and earn discounts in 25 states. SmartRide Mobile will allow Nationwide members to participate by using an app on their smartphones. The carrier is launching SmartRide Mobile in Arkansas with plans to roll the solution out to more states by year-end.
“We are one hundred percent dedicated to bringing the most innovative solutions to our members,” comments Larry Thursby, VP, Property & Preferred Auto Product/Pricing, Nationwide said. “By adopting telematics solutions from LexisNexis, we are providing yet another avenue for our members to take charge of their rates and become the best and safest drivers they can be.”
Proprietary Algorithms, Contextual Data and Advanced Analytics
The LexisNexis Risk Solutions telematics program includes data collection, storage and processing, and also provides customers with a dashboard presentation and support so they can see their progress, the vendor reports. LexisNexis Telematics uses proprietary algorithms to accurately detect when the insured is driving, contextual data, and advanced analytics to provide specific driver feedback.
“Telematics has huge value for customers as they look to earn even more affordable prices,” asserts Ash Hassib, SVP and GM, Auto and Home Insurance, LexisNexis Risk Solutions. “LexisNexis is at the cutting edge of data-gathering technology, data cleansing and normalization no matter the device. By adding smartphone capability to SmartRide, we can help Nationwide offer this program to even more of its members and help them become safer drivers.”
LexisNexis Risk Solutions describes the components of its telematics solution as follows:
- Easy-to-use app. Simply download on a smartphone and drive
- Highly engaging dashboard, dynamic scores and feedback
- Comparable data quality at a reduced cost compared to OBDII solutions
- Rapid go-to-market using the LexisNexis contextual scoring model currently available in 49 states
- Improved consumer experience due to the solution’s limited use of the smartphone battery, data plan and easy set-up
- Secure and in compliance with industry standards
- Customer service and technical support
- Leverages the LexisNexis big data technology platform, HPCC Systems, to host, monitor, validate and analyze driving behavior data